A significant meeting took place in Shanghai, focusing on digital currency strategies, including plans for a yuan-backed stablecoin.
Strategic Meeting on Digital Currency
The meeting, hosted by the Shanghai State-owned Assets Supervision and Administration Commission (SASAC), gathered about 60–70 attendees, including local government representatives and industry stakeholders. Emphasis was placed on the significance of emerging technologies and deeper research into digital currencies, as stated by He Qing.
Discussion on Stablecoin
Strategies proposed by a policy analyst from Guotai Haitong Securities regarding the implementation of a yuan-backed stablecoin were also discussed. This reflects China's cautious approach to digital currencies, with no monetary allocations or direct investments announced, focusing instead on future infrastructure development.
Future of Digital Currencies in China
China banned crypto-related activities in 2017, but in recent years there have been regional trials, such as the digital yuan in Shanghai. Pan Gongsheng of the People’s Bank of China highlighted the 'transformative potential' of stablecoins, indicating potential policy evolution, though no immediate market reactions were observed.
The Shanghai meeting highlights the ongoing cautious progression in China's stablecoin policy, while industry players await any shifts in the future.
